VanEck Exec Reveals Next Step in SEC Spot Ethereum ETF S-1 Approval

In a recent interview, Matthew Sigel, VanEck’s Head of Digital Asset Research, discussed the important regulatory advancements and future prospects surrounding the company’s Spot Ethereum ETF. On May 23, the SEC approved a rule change that could pave the way for Spot Ether ETF, marking a “regulatory 180 in recent SEC history.” Additionally, the VanEck executive revealed the ETF issuer’s next step in approving Ether ETFs.

VanEck confident on timely approval of Ethereum ETF

The recent approval indicates that Ethereum is recognized as a commodity. Additionally, Sigel described this development as “extremely optimistic about the prospect of innovation on open source blockchains.” Additionally, Sigel highlighted that this regulatory change could herald a new era of blockchain activity.

He also highlighted that 2024 has already recorded records in various indicators. These include the number of interacting blockchain addresses, transaction volume and usage fees. Sigel noted, “This is great news. Bitcoin and Ethereum are both up more than 60% this year,” according to an interview with CNBC.

Additionally, VanEck has been at the forefront of these developments, being the first traditional ETF issuer to file for authorization. Bitcoin ETF in 2017 and a Spot Ethereum ETF thereafter. Sigel expressed optimism that VanEck’s Ethereum ETF could be among the first to trade among its rivals. He said: “I hope and still hope that the VanEck Ethereum ETF, if approved, will trade first. »

The next critical step involves the SEC’s approval of Ethereum ETFs’ S-1 filings. Sigel explained: “To list one of these ETFs, it’s like a nuclear code: you need two keys: the 19b-4 and the S-1. We will have to wait and respond to comments from the agency if there are any, and we hope that these products can be released to the market in a few weeks.

Read also: VanEck Advisor Slams TradFi for GameStop Saga, Praises Bitcoin

Ether and Crypto Market Implications

When asked about the broader implications for Ethereum, Sigel revealed a bullish forecast, according to which Ethereum could generate over $70 billion in free cash flow for token holders by 2030, supporting a coin price of 22,000 dollars. These predictions reflect a more constructive view of the political landscape and the recent boom in users transacting on the network due to Ethereum’s scaling roadmap.

Furthermore, the VanEck The executive also discussed the transformative potential of crypto assets. He noted: “This is an open source app store with the potential to take a significant margin out of big tech platforms and also the banking industry. » The VanEck executive also highlighted the importance of educating traditional market participants on the real-world use cases of these assets.

The approval of Spot Bitcoin ETFs earlier this year has already opened the market to a new class of buyers. These include registered investment advisors and pension funds, which could be a similar case for Ethereum ETFs if approved. Sigel noted: “Spot ETFs have opened up a whole new class of buyers, and we see the market share gain continuing. »

Looking ahead, Sigel acknowledged the political shift toward a more favorable regulatory environment for crypto, driven by significant industry lobbying efforts. He commented on the House’s recent passage of the Fit for the 21st Century Act. Sigel said: “This lays the foundation for a much more favorable environment next year. »

Read also: ETH/BTC Price Analysis: Why Ethereum Price May Reach $5,000

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